Reported 8 months ago
Over 30 million 'peak boomers' born between 1959 and 1964 are entering retirement without adequate financial preparation, with the majority having less than $250,000 in assets and expected to rely heavily on Social Security income. The retirement wave can impact industries and consumer spending, as employers may need to replace up to 14.8 million retirees, particularly in manufacturing, healthcare, and education sectors, potentially leading to decreased economic productivity. The shift from defined benefit pensions to 401(k) plans has contributed to the crisis, as many retirees struggle to make ends meet with low incomes, with 79.2% receiving Social Security.
Source: YAHOO